The $8,000 tax credit passed by Congress last winter to stimulate the real estate market is potentially nearing its end on November 30. While Congress and the National Association of Realtors battle over extending the credit, the looming deadline can indicate opportunities for proactive real-estate and mortgage professionals.
The National Association of Realtors reports that, on average, the home buying cycle takes 45-60 days. Because the deadline for the tax credit falls by the end of November, there is adequate time and energy to seize the moment and make fully sure your contacts are aware with this opportunity.
So, just how can a real-estate professional or mortgage broker make use of this tax credit to boost business?
The single most important action to take is make certain people know about it.
Have a portion of one’s marketing budget over the following month and let everyone in your professional circle know about the credit and the approaching deadline. Provide contact information then when it prompts them to action, they can contact you and get started.
The fastest solution to reach out to your sphere of influence is through email marketing. It is a price efficient way to attain your entire list of potential clients and works especially well for time-sensitive opportunities.
This is an chance for real-estate agents and mortgage professionals to reach out to potential customers.
Real estate agents: Review your contact list and reach out to potential clients and past clients with all the necessary home elevators the tax credit, and include some appropriate listings. This ensures that you have educated every contact so that those thinking of buying can make an educated purchase.
Mortgage professionals: Get in front of real-estate agents with the message now. Provide them with a checklist of what their buyers needs to have prepared, so when they find the home they want to buy, they have every one of the paperwork underway and are pre-approved.
You can find still audience that are uninformed with this tax credit.
According to Mark Zandi, chief economist for Moody’s Economy.com, the tax credit will draw about 400,000 buyers into industry this year. Though that bodes well for the industry, a current AP article stated that some buyers aren’t even aware of the credit until they put a present in on a home.
Because the tax break was important industry news, everyone mixed up in real-estate industry is well aware of it. For anyone selling their home through real-estate agents, most sellers were informed of it through their listing agent. For the average indivdual not actively mixed up in real-estate market however, this newsworthy item was easily missed.
Utilizing the “Google Insight” tool to research U.S search volume for the word “first time homebuyer tax credit” reveals an appealing trend. Search volume shows the lag at the center months(March 2009-August 2009) of the tax credit offer.
As you will see, searches regarding this topic spiked when it was initially announced in early 2009. However, the search volume for the topic dropped sharply in March before it began to grab again in July, meaning people were not actively looking online for extra information during those middle months. This suggests that after the item wasn’t making news, people either weren’t thinking about it Top Miami realtors, or simply didn’t know about it. In either case the jump at first and increase by the end suggests that media coverage offered two small windows of opportunity to understand concerning the credit before interest fell off.
There is a simple solution to take action in the short window available.
When opportunity arises, sometimes the easy act of informing those in your sphere of influence makes all the difference.
Email marketing is easy, cost-effective, and ideal for reaching a large group of people in a short number of time. It is the quickest way, with the least number of effort and lead-time, to be sure that the masses know about the tax credit and the looming deadline (full disclosure, mcdougal is a Vice President at XL Technologies, which provides email marketing services).
Since the deadline approaches, going for a proactive stance will benefit your chance at success now and using email marketing to keep people informed will help build trust and maintain relationships in the long term.
The bottom line is to be sure everyone in your sphere of influence knows that that the tax credit can be acquired and set to expire soon.
Real estate professionals have endured a bruising couple of years. There has been so much negative news about owning real estate. On the other hand, this press coverage actually moves consumers to think about real-estate ownership in an optimistic light again.
The professional real-estate community should embrace this good news, and ensure that you have the word-out. It’s encouraging for the industry and can also be a smart move for the people who pro-actively market this government program.